Wednesday, March 9, 2011

January Wholesale Inventories Up 1.1%

Inventories rose 1.1% in January as compared with an upwardly-revised 1.3% for December. Sales of wholesalers increased by 3.3% annualized in January.

Like yesterday, gold was declining before 10:00 AM ET but it had turned upwards just before this report was released; after the recovery, it remained stuck in the low 1430s. Given that the news was fairly good, it likely had little influence on the metal.

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